The Federal Inland Revenue Service (FIRS) says it has inaugurated a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions across the country.
Its Director of Communications and Liaison, Mr Abdullahi Ahmad, said this a statement in Abuja on Sunday.
Ahmad said that the step was part of the agency’s ongoing reforms to align the nation’s tax system with global standards.
He quoted the Executive Chairman of FIRS, Mr Muhammad Nami, as calling on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enrol on the portal.
“The Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system portal is currently live, open and active.
“Consequently, all Reporting Financial Institutions (Commercial Banks, Merchant Banks, Discount Houses, Mortgage and Development Banks, Insurance and Life Assurance Companies, Investment Advisers, Trustees, Asset Management Companies, Issuing Houses, Brokers/Dealers, etc.) are invited to enrol on the AEOI-CRS portal,” he said.
Ahmad expatiated that each Reporting Financial Institution (FI) was required to designate an appropriate officer as Primary User (PU).
According to him, the PU is the custodian of the FI’s login details on the portal.
He said that a letter signed by the Chief Executive Officer of the FI introducing the PU to the FIRS was also required as part of the enrolment process.
“In order to enrol as a PU of an FI and have access to related AEOI-CRS documents, please visit the FIRS website at www.firs.gov.ng and navigate the menu tab on Automatic Exchange of Information.
“Please do this only if relevant contact details have been forwarded to the FIRS. FIs are to further take notice that CRS reports for 2019 are due not later than 30th September, 2020.
“For further information, send enquiries to firstname.lastname@example.org or email@example.com,” Ahmad said.